Experts well-versed with the areas surrounding Artificial Intelligence and similar technologies claim that AI will be the force driving not just fleets but the entire automotive industry to success in the near future. Expected to grow into a $309 billion industry by 2026, AI tech when incorporated with fleet management holds the potential to reduce collisions by 60%, collision costs by 75%, boost performance up time by 50% and reduce overall fleet costs by up to 40%.
Considered the auto industry’s new value creating engine, AI in fleets is just getting started with 24% fleet operators having already adopted data analytics, 17% adopting telematics and close to 35% considering blending data and AI with manual operations in the coming years.
With promises to boost performance and efficiency in virtually every aspect of the fleet industry, here’s why fleet service providers need to get onboard the AI train to ensure they don’t lose out on big benefits.
Improving Driver Safety
The NHTSA observes that over 94% of all accidents concerning fleet vehicles are caused by driver error. Artificial intelligence, making use of visual evidence, facial recognition and smart ignition, becomes a powerful tool in enhancing the safety of drivers, vehicles and the cargo.
AI-based solutions can scan the face of the driver for signs of fatigue, distraction or drowsiness as well as increased mobile usage while driving. Similarly, it can detect for potential blind spots, pedestrians and cyclists on the way, that the driver might miss. Once detected, appropriate actions such as alerting the driver or the fleet manager can be triggered to take place automatically.
Streamlining fleet maintenance activities while putting in efforts to enhance revenue generation is another area where AI is expected to flourish. The technology promises to identify patterns and trends to make predictions in advance, concerning instances such as breakdowns, service and repairs, fuel stops, route optimizations and more.
Automating Decision Making
AI proactively assists with human decision making and helps automate mundane tasks entirely. Fleet service providers can utilize AI to support feet managers with generating driver scorecards, vehicle health reports, optimizing delivery schedules and more manual tasks easily, without having to depend on human intervention and free from errors. The system could also set periodic reminders for different triggers, all with the goal to save valuable time, efforts and resources, which could save up to 25% of working hours spent on admin tasks.
A major problem with fleet operations is managing the vastly large number of moving parts within the system. AI technology, when paired with telematics data, could simplify the process of providing a continuous flow of information to the different departments, bring them in sync and save costs on planning and monitoring operations, which could be highly labor-intensive, substantiating the belief of almost 13% fleet managers that technology has helped them reduce labor costs.
By creating a unified front against the fleet challenges, AI further enables fleets to better identify customer needs, reveal new opportunities and expand services besides creating new ones.
Going Beyond Video
Probably the most important characteristic of AI technology is that it can be trained to look for, identify and predict any activity, using advanced algorithms and complex data, which opens a world of opportunities in real-life applications. Be it understanding the motive behind a driver’s particular action, analyzing driving trends connected to a certain situation or resolving road conflicts with seemingly dead ends, IoT enabled devices paired with progressive software technologies promise convenience and assistance in a way that will never be possible with manual operations.
How CerebrumX brings the power of AI to Fleet Service Providers?
CerebrumX enables fleet telematics and service providers to leverage connected fleet data from millions of vehicles in real-time, using industry’s first AI-driven Augmented Deep Learning Platform (ADLP). We unlock data to generate deep insights, rich with contextual information, to solve challenges most familiar in the fleet industry, empowering fleet partners to reap the benefits of AI Tech without having to invest in setting up its infrastructure. We understand the importance of data privacy in underlying processes, and thus proffer the complete control over the sharing of their connected vehicle data to the drivers, using our white-label platform, CerebrumX Secure Consent.
For more information regarding connected vehicle data and the evolving ecosystem around it, Contact us or reach out to our experts.